Northern Trust Corp Boosts Position in Approach Resources Inc. (AREX)
Northern Trust Corp boosted its stake in Approach Resources Inc. (NASDAQ:AREX) by 264.2% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 557,713 shares of the energy company’s stock after acquiring an additional 404,580 shares during the quarter. Northern Trust Corp owned 0.65% of Approach Resources worth $1,879,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds also recently bought and sold shares of AREX. Goldman Sachs Group Inc. lifted its position in Approach Resources by 447.7% in the 1st quarter. Goldman Sachs Group Inc. now owns 706,338 shares of the energy company’s stock valued at $1,773,000 after acquiring an additional 577,368 shares in the last quarter. TIAA CREF Investment Management LLC bought a new stake in Approach Resources in the 2nd quarter valued at $699,000. Teachers Advisors LLC bought a new stake in Approach Resources in the 2nd quarter valued at $562,000. Bank of New York Mellon Corp lifted its position in Approach Resources by 412.6% in the 2nd quarter. Bank of New York Mellon Corp now owns 195,714 shares of the energy company’s stock valued at $660,000 after acquiring an additional 157,534 shares in the last quarter. Finally, American Century Companies Inc. bought a new stake in Approach Resources in the 2nd quarter valued at $446,000. 24.73% of the stock is currently owned by institutional investors and hedge funds.
Several brokerages have commented on AREX. Zacks Investment Research raised shares of Approach Resources from a “hold” rating to a “buy” rating and set a $2.75 price target on the stock in a research report on Tuesday, November 7th. ValuEngine cut shares of Approach Resources from a “sell” rating to a “strong sell” rating in a research report on Friday, September 1st. KeyCorp restated a “hold” rating on shares of Approach Resources in a research note on Thursday, October 12th. Scotiabank restated a “hold” rating and set a $3.00 price objective on shares of Approach Resources in a research note on Wednesday, November 22nd. Finally, Imperial Capital assumed coverage on shares of Approach Resources in a research note on Friday, August 18th. They set an “in-line” rating and a $2.50 price objective on the stock. Three research analysts have rated the stock with a sell rating, four have issued a hold rating and two have assigned a buy rating to the stock. The stock has an average rating of “Hold” and a consensus target price of $2.79.
Approach Resources (NASDAQ:AREX) last announced its earnings results on Wednesday, November 1st. The energy company reported ($0.08) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.09) by $0.01. Approach Resources had a negative net margin of 165.95% and a negative return on equity of 6.39%. The firm had revenue of $25.61 million for the quarter, compared to analyst estimates of $25.74 million. sell-side analysts forecast that Approach Resources Inc. will post -0.37 EPS for the current year.
About Approach Resources
Approach Resources Inc is an independent energy company. The Company is focused on the exploration, development, production and acquisition of unconventional oil and gas reserves in the Midland Basin of the greater Permian Basin in West Texas. The Company’s business segment is the exploration and production of oil, natural gas liquids (NGLs) and natural gas.
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